In a recent turn of events, Nigerian authorities have made a significant decision to drop all charges against Tigran Gambaryan, an executive at Binance, who had been held in custody for the past 7 months. This development comes after intense efforts from Binance and advocacy groups to address the unfair treatment Gambaryan faced and secure his release.
Earlier this year, two Binance executives were arrested in Nigeria, with one managing to secure their release while Gambaryan remained in custody. During his time in detention, Gambaryan’s health deteriorated, prompting concerns from his colleagues and supporters. The withdrawal of all charges against Gambaryan was announced by the Economic and Financial Crimes Commission (EFCC) in the Federal High Court in Abuja on October 23. The EFCC lawyer clarified that Gambaryan was not heavily involved in Binance’s activities, which were the primary focus of the investigation.
Reports indicate that the decision to drop the charges was moved up by two days to avoid drawing significant public attention. The EFCC’s decision appeared to prioritize Gambaryan’s access to necessary medical treatment over other legal considerations. Despite Gambaryan’s release, the case against Binance itself remains ongoing. The exchange ceased operations in Nigeria in March 2024 but is still facing allegations of tax evasion, including failure to register with Nigeria’s Federal Inland Revenue Service (FIRS).
In the midst of these developments, the price of Binance Coin (BNB), the native token used on the Binance platform, is currently trading at $589, reflecting a 1% increase in value over the past 24 hours. The cryptocurrency market continues to fluctuate, influenced by various external factors and regulatory developments.
Overall, the dropping of charges against Tigran Gambaryan is a positive outcome for the Binance executive and the company as a whole. It underscores the importance of fair treatment and due process in legal proceedings, while also highlighting the complexities of operating in the cryptocurrency industry. As the case against Binance unfolds, stakeholders will be closely monitoring the outcomes and implications for the broader crypto market.